It's all about the money
Last weekend we decided to take a little trip to the mall to pick up a few more things for the house. Morayo-Hope was especially excited as she had been given $10 to spend by her special mama Barbara! She was going to spend it on pretzels she said. I knew she had a list as long as her arm of toys she'd seen on previous visits that she begged me to buy. We decided to make this a learning trip. We went into one of the dept stores where she'd seen a stuffed unicorn. It was $25. I got her to check how much she had. She realised she couldn't afford it. I asked her if she'd like to save her money up for the unicorn. She said she'd buy pretzels and save whatever was left. We went past a few stores and landed at the LEGO store. She was in heaven. She saw a lot of the things she wanted and eagerly checked prices. She made a beeline for a castle set which was way over the set price. It took everything in me (and a stern look from my husband) to resist paying the extra required. In the end she settled on a set for $9.99. I asked her if she still wanted the pretzels, explaining that we weren't going to buy them for her if she finished all her money. She said she preferred the lego so she went to pay. Her daddy kindly paid the tax on top. I didn't have the heart (or energy) to start explaining taxes and how she didn't actually have enough!
We decided that now was a good time to start teaching her good money management habits. She'll be getting a small weekly amount and we'll challenge her spending decisions. When did you / do you plan on teaching your kids fiscal responsibility?
Looking after those pennies,